List of top Accountancy Questions on Profit sharing ratio

Sarvesh, Sriniketan and Srinivas are partners in the ratio of 5 : 3 : 2. If Sriniketan’s share of profit at the end of the year amounted to ₹ 1,50,000, what will be Sarvesh’s share of profits?

Nishu, Rishu and Kishu were partners in a firm sharing profits and losses in the ratio of 8 : 7 : 5. They decided to share future profits and losses in the ratio of 5 : 8 : 7 with effect from 1st April, 2024. Their Balance Sheet as at 31st March, 2024 showed :
General Reserve ₹ 10,00,000.
Debit Balance of ₹ 2,00,000 in Profit and Loss Account.
Goodwill of the firm was valued at ₹ 20,00,000 and revaluation of assets and liabilities resulted in a profit of ₹ 7,00,000. The partners did not want to distribute the General Reserve and the balance of Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books. Pass a single adjustment entry to give effect to the above. Show your workings clearly.

Nidhi, Pranav and Ishu were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. With effect from 1st April, 2024, they decided to share profits and losses in the ratio of 4 : 1 : 5. On that date, there was a debit balance of ₹ 4,00,000 in the Profit and Loss Account. The necessary journal entry to show the effect of the above will be :

Sia, Tisha and Aryan were partners sharing profits and losses in the ratio of 4 : 7 : 1. The firm closes its books on 31st March every year. Tisha died on 1st July, 2024. Sia and Aryan will acquire Tisha’s share in which of the following ratio ?

Aman, Suman and Tanvi were partners in a firm sharing profits and losses in the ratio of 9:8:7. They decided to share future profits and losses in the ratio of 7:9:8 with effect from 1st April, 2024. Their Balance Sheet as at 31st March, 2024 showed: (i) Contingency Reserve of ₹ 24,00,000. (ii) Credit Balance of ₹ 12,00,000 in Profit and Loss Account. Goodwill of the firm was valued at ₹ 42,00,000 and Revaluation of assets and liabilities resulted in a loss of ₹ 6,00,000. The partners did not want to distribute the Contingency Reserve and the Balance of the Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books. Pass a single adjustment entry to give effect to the above. Show your workings clearly.

Old Ratio = 8:5:3, New Ratio = 6:5:5
A’s gain/sacrifice = ?

Varsha, Aryan and Nimit were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Varsha retired and surrendered 1/3rd of her share in favour of Aryan and the remaining share in favour of Nimit. The new profit sharing ratio between Aryan and Nimit will be :

The firm of Amish, Nitish and Misha, who have been sharing profits in the ratio of 2 : 2 : 1, have existed for some years. Misha wanted that she should get equal share in the profits with Amish and Nitish and she further wished that the change in the profit sharing ratio should come into effect retrospectively for the last three years. Amish and Nitish had agreement for this.
The profits for the last three years were: 2021–22 ₹ 1,15,000; 2022–23 ₹ 1,24,000; 2023–24 ₹ 2,11,000
Show adjustment of profits by means of a single adjustment journal entry. Show your working clearly.

Misha, Sarita and Isha were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. With effect from 1st April 2024, they decided that they will share profits and losses equally. The gain or sacrifice by the partners due to change in profit sharing ratio will be :

Kartik, Inder and Lalit were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. With effect from 1st April, 2024, they decided to share profits and losses in the ratio of 2 : 3 : 4. For this purpose, the goodwill of the firm was valued at ₹ 1,80,000. The necessary journal entry to show the effect of the above will be :

Gori and Sori share profits in the ratio of 3:2. Hori was admitted as a partner who gets a \(\frac{1}{5}\) share, which Hori acquires \(\frac{3}{20}\)from Gori and \(\frac{1}{20}\) from Sori. The new profit sharing ratio of Gori, Sori, and Hori would be:

S and T are partners in a firm sharing profits in the ratio of 3:2. They admit U as a new partner. S surrenders \(\frac{1}{4}\) of his share and T surrenders 1/3 of his share in favour of U. Sacrificing ratio of S and T will be:
Choose the correct answer from the options given below:

Hem and Nem are partners in a firm Sharing Profits in the ratio of \( 3: 2\). Their Capitals were \(₹ 80,000\) and \(₹ 50,000\) respectively. They admitted Sam for \(\frac{1}{5}\) share and he brought \(₹ 60,000 \) as his Capital. Goodwill of the firm will be: 

The old profit sharing ratio among A, B and C were 2:2:1. The new Profit sharing ratio after B's retirement is 3:2. The gaining ratio is-

Reconstitution of Partnership means :
A. Change in Profit Sharing Ratio among existing partners
B. Dissolution of Partnership firm
C. Retirement of Partner
D. Admission of Partner
E. Death of Partner
Choose the correct answer from the options given below :

Match LIST I with LIST II

LIST I		LIST II
A	Profit sharing Ratio	I	No payment
B	Interest on partner's Loan	II	With consent of all existing partners
C	Admission of a Partner	III	6% p.a.
D	Interest on Capital	IV	Equal

Choose the correct answer from the options given below

Alia and Deepika are partners in a firm. They admitted Priyanka into partnership giving her \(\frac{1}{5}\)th share which she acquired from Alia and Deepika in the ratio of 1:2. What will be the new profit sharing ratio ?